By Paul Einzig
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Additional resources for A Textbook on Foreign Exchange
The banks have regional foreign exchange departments and smaller branches of the same district deal 44 Transactions with Customers through those departments. What banks are anxious to avoid is that customers should treat quotations as amounting to a free option enabling them to try to improve on it elsewhere. Banks in their relationship with non-banking customers are not agents but principals. They quote firm rates and it is up to them to ensure that a transaction is covered in the market at a rate which secures them a profit.
Some dealers may prefer to transact business on the basis of putting all their cards on the table and expecting their rivals to act likewise. Other dealers, however, deem it to be to their advantage to resort to one of the innumerable varieties of bluff. The following are a selection of examples: (l) When banks quote two-way exchange rates and are called upon to operate in an unwanted sense - to sell even though they would prefer to buy or vice versa -they may be prepared to operate in larger amounts than the bare minimum, so as to convey the impression that they are keen buyers when in fact they merely want to prepare the market in order to be able to sell on more favourable terms, or vice versa.
Rates. T. rates and to add or deduct interest to maturity on the basis of the local discount rates prevailing in the centre where the bills are sold. T. rates, but are liable to deviate from them, obeying a set of special laws of their own. They have a separate market outside dealers' rooms, though open positions arising from their purchases or sales are usually covered by the foreign exchange department in the ordinary way and are included in the grand total when reckoning the bank's open position.